North Carolina would fund $1,000 deposits in eligible children's accounts

The State Education Assistance Authority would deposit $1,000 into each eligible child's Trump Account, a type of retirement savings account. Children must have been born in North Carolina from January 1, 2025, through December 31, 2028. Household income must be at or below 300% of the federal poverty guidelines. The child must meet the referenced federal eligibility rules, and the account must receive a federal pilot program contribution. The Authority must verify the child's North Carolina birthplace and birth date before depositing state money. If enacted, the bill specifies July 1, 2026, as its effective date.

The State Education Assistance Authority would move $192 million from the Opportunity Scholarship reserve into a trust fund for the children's account program. The transfer would use one-time money set aside in fiscal year 2025–2026 for scholarships in fiscal year 2026–2027. The trust fund could pay only for the account program and its operating costs. The Authority could use up to 4% of available trust fund money for administration in each fiscal year when it provides state account deposits. Reports would be due by July 15, 2027, and annually while state deposits are made. They would report recipients, the fund balance, and additional money needed.

The State Education Assistance Authority would follow a six-step order when awarding Opportunity Scholarships during a funding shortfall. The order covers eligible students who applied by March 1, 2026. Returning recipients must have received a scholarship in the 2025–2026 school year. This order would apply only if fiscal year 2026–2027 money cannot cover all eligible applicants. First would come returning recipients in scholarship amount categories 1–3, followed by applicants in category 1, category 2, and category 3, in that order. Returning recipients in category 4 would come next, followed by all other students. These categories refer to scholarship amounts defined in another law. The priority order would apply to scholarships for the 2026–2027 school year.